Port Moresby, May 15, 2024 – ‘Centre for Excellence in Financial Inclusion (CEFI) is a significant partner to promote capital market investor education’ – ‘said Mr. James Joshua, Acting Executive Chairman of Securities Commission of Papua New Guinea (SCPNGSCPNG Securities Commission of Papua New Guinea)’.

Mr. James Joshua officially signed the Memorandum of Understanding (MOU) with the Executive Director of CEFI, Mr. Saliya Ranasinghe at the CEFI Conference Room, Credit House, Level 3, Port Moresby (Wednesday May 08), signifying the start of a long-term partnership.

Signing of the MOU with CEFI is a momentous partnership that will facilitate and drive awareness about the Capital Market and the statutory functions SCPNG performs to the public.

Mr. Joshua stated that the bulk of the people in PNGPNG Papua New Guinea are unaware of the investment options available in the capital market, consequently, investment in the capital market space has declined in recent years. He added, investment options like debts and bonds in the capital market are viable alternatives besides the traditional investment avenues, the banks, and financial institutions.

Our agenda under the MOU is to expand the capital market through investor education using CEFI’s existing partnerships with sector institutions and its provincial government engagement arrangements”, said Mr. Joshua.

Executive Director of CEFI Mr. Ranasinghe acknowledged SCPNG for the partnership and pledged to incorporate capital market awareness in its financial inclusion programs. Mr. Ranasinghe said inclusion of capital market awareness in the financial inclusion programs usually predominant with banks and financial institutions is the next evolution phase of financial inclusion in PNG.  People will be taught how the stock exchange and other capital market product works”, Mr. Ranasinghe concluded.

The MOU will be implemented over a three-year period and will possibly be extended into the future.

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